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Lombard bags £7.6m funding for 2008:

This article was originally published in Clinica

Executive Summary

Cardiovascular device manufacturer Lombard Medical Technologies has raised £7.6m ($15.1m) through a placement and a subscription of new shares. The proceeds will be used to finance the company's operations through 2008. The placing, underwritten by Nomura Code Securities, which contributed £6.4m, while Camden Partners committed £1.2m in the share subscription. Didcot, UK-based Lombard said that it would use the funds to complete the recruitment to its Aorfix stent graft trials. Aorfix is currently awaiting PMA approval in the US and is expected to be launched there in early 2010 (see Clinica No 1283, p 22). Lombard is also exploring strategies for 2008 which include the divestment of non-core assets, further financing from investors and the search for potential acquirers of the company. Lombard non-executive chairman Simon Neathercoat praised the company's investors for providing the backing in what are testing times for the capital markets.

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